Political association, managerial power heterogeneity, and corporate risk-taking in China

被引：13

作者：

Chai, Bin-Feng ^{[1
]}

Mirza, Sultan Sikandar ^{[2
]}

机构：

[1] Zhejiang Gongshang Univ, Sch Accounting, Hangzhou, Zhejiang, Peoples R China

[2] Zhejiang Gongshang Univ, Int Business Sch, Hangzhou 310018, Zhejiang, Peoples R China

来源：

ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA | 2019年 / 32卷 / 01期

关键词：

political association; management power; risk-taking; panel data; China; CONNECTIONS; INCENTIVES; STATE;

D O I：

10.1080/1331677X.2019.1634613

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This article investigates the impact of political association and managerial power heterogeneity on corporate risk-taking using data of listed companies in China from 2006 to 2015. Politically associated companies demonstrate higher corporate risk-taking, and the impact of managerial power thereon depends on the source thereof. Structurally speaking, board of directors' supervision, and shareholders' supervision power are positively associated with corporate risk-taking, but ownership, expert, and prestige power are negatively associated. Political association weakens the influence of structural and prestige power on corporate risk-taking and strengthens the impact of ownership and expert power thereon. The article adds to the literature on political association, managerial power, and corporate risk-taking.

引用

页码：1373 / 1393

页数：21

共 41 条

[1]

[Anonymous], 2008, ECONOMETRIC ANAL PAN

[2] Sarbanes-Oxley and corporate risk-taking [J].

Bargeron, Leonce L. ;

Lehn, Kenneth M. ;

Zutter, Chad J. .

JOURNAL OF ACCOUNTING & ECONOMICS, 2010, 49 (1-2) :34-52

[3]

Bayrakdaroglu A., 2013, International Journal of Economics Finance, V5, P131, DOI [10.5539/ijef.v5n4p131, DOI 10.5539/IJEF.V5N4P131]

[4] The role of state and foreign owners in corporate risk-taking: Evidence from privatization [J].

Boubakri, Narjess ;

Cosset, Jean-Claude ;

Saffar, Walid .

JOURNAL OF FINANCIAL ECONOMICS, 2013, 108 (03) :641-658

[5] Entrepreneurial risk, investment, and innovation [J].

Caggese, Andrea .

JOURNAL OF FINANCIAL ECONOMICS, 2012, 106 (02) :287-307

[6]

Chen D., 2016, NANKAI BUSINESS REV, V4, P29

[7] Political connections, managerial incentives and auditor choice: evidence from China [J].

Cheng, Chia-Ling ;

Hsu, Chih-Shun ;

Kung, Fan-Hua .

PACIFIC ACCOUNTING REVIEW, 2015, 27 (04) :441-465

[8] Does freezing a defined benefit pension plan affect firm risk? [J].

Choy, Helen ;

Lin, Juichia ;

Officer, Micah S. .

JOURNAL OF ACCOUNTING & ECONOMICS, 2014, 57 (01) :1-21

[9]

Daft R.L., 2009, PRINCIPLES MANAGEMEN

[10] CEO gender, corporate risk-taking, and the efficiency of capital allocation [J].

Faccio, Mara ;

Marchica, Maria-Teresa ;

Mura, Roberto .

JOURNAL OF CORPORATE FINANCE, 2016, 39 :193-209

← 1 2 3 4 5 →